- Housing starts jumped to 235,000 annualized units in April, continuing to pick up from a multi-year low of 167,000 in February when we think wintry weather restrained activity
- The increase was led by multi-unit starts which rose to a record high 176,000 annualized units
Economists (including ourselves) were perhaps a bit shy to pencil in such a strong increase in housing starts in April, though the rapid pace of permit issuance in recent months and potential for weather-delayed starts to show up in the spring means today’s report isn’t a total surprise. Signs of stabilization in at least some major resale markets and ongoing strength in homebuilding—particularly the multi-unit segment—suggest the housing sector is shifting to a more neutral force in Canada’s economy after acting as a sizeable drag last year.
